Did you know that the field of occupational therapy saw an 86% increase in demand within the past year? Despite growth in this field, many practises are struggling to gain clients.

If you’re a first-time occupational therapy practice owner, keep reading! This article will give valuable insights on how to start a successful occupational therapy practice.

Creating a Business Model

Starting a practice requires lots of planning and paperwork. So, before you begin investing money, first create a solid business plan. Do so by following the “Who and How” method.

Figure out “who” your competitors are and “how” you plan on out-competing them.

This can happen by providing a better patient portal or by having comprehensive therapy exercises. Either way, the goal is to stick out in a market full of competitors. Once you’ve figured out what makes you unique, decide your target market.

Are you targeting athletes, the elderly, or a wide range of clients? Either way, you’ll need to devise a marketing campaign that reaches these potential clients. After these steps, the financial and legal side of building a practice comes into play. So, keep reading because these next steps are crucial.

Financing and Business Loans

Financing can be challenging when you’re in the healthcare industry. This is why it’s important to know what kind of business loans you qualify for and their hidden costs.

Starting an occupational therapist practice can be very costly at first. The initial costs vary depending on which country you live in and the loan increments.

For example, in the UK, most start-up loans can only offer you up to £25,000. Therefore, you may need to get multiple loans if you don’t have the capital saved up.

However, be aware of loan interest and how it may affect your payback amount and date. These factors also vary depending on your credit history and loan type.

Furthermore, your first loan may not cover the equipment for your practice. Therefore, consider applying for equipment financing loans.

Estimated Income and Revenue

A strong business plan needs to have a projected timeline of the estimated revenue. Doing so will provide an accurate representation of revenue vs. loss in each quarter.

It’s always best to hire services such as iinsight for any funding and goal tracking. These services will ensure the most accurate reports. However, in the beginning stages, you can calculate your own future goals.

Start by creating your services and their costs. Then calculate your intended sales for each month. For example, if you offer occupational therapy exercises, calculate the figures of X amount of the client’s book with you.

If you don’t know your booking rates, research your area to see how much others are charging. From there, you’ll have an estimate of service costs, which shows potential revenue.

Afterward, you’ll need to calculate your potential revenue losses. These losses can include equipment malfunctions or even issues with billing that result in missed payments.

To avoid any issues with payments, it’s recommended that you hire case management services. Otherwise, your revenue losses may become unmanageable.

Once you have your intended revenue and potential losses, you’ll have a goal number. This goal number will show your intended take-home amount. However, be aware that this take-home number does not account for employee or office rental costs.

Estimated Income and Revenue

A strong business plan needs to have a projected timeline of the estimated revenue. Doing so will provide an accurate representation of revenue vs. loss in each quarter.

It’s always best to hire services such as iinsight for any funding and goal tracking. These services will ensure the most accurate reports. However, in the beginning stages, you can calculate your own future goals.

Start by creating your services and their costs. Then calculate your intended sales for each month. For example, if you offer occupational therapy exercises, calculate the figures of X amount of the client’s book with you.

If you don’t know your booking rates, research your area to see how much others are charging. From there, you’ll have an estimate of service costs, which shows potential revenue.

Afterward, you’ll need to calculate your potential revenue losses. These losses can include equipment malfunctions or even issues with billing that result in missed payments.

To avoid any issues with payments, it’s recommended that you hire case management services. Otherwise, your revenue losses may become unmanageable.

Once you have your intended revenue and potential losses, you’ll have a goal number. This goal number will show your intended take-home amount. However, be aware that this take-home number does not account for employee or office rental costs.

Compliance and Regulations

The compliance aspect can be challenging when starting a practice. There are specific legal requirements for this particular field. If not followed, the consequences could result in a shutdown.

But don’t let this discourage you; building a practice takes time, but it’s rewarding. Let’s start by discussing healthcare compliance laws. For starters, occupational therapists are required to keep client records confidential. However, that does not necessarily mean they are governed by HIPPA.

Nonetheless, there are still rules that an occupational therapy practice owner needs to follow. For starters, the software in which client records are stored needs to be safely encrypted.

To store records, we recommend using Electronic Health Records (EHR). However, not every EHR is built the same. Some software can have bugs that make acquiring records difficult. Also, your employees will need to learn this software so choose a user-friendly model.

Luckily, case management services such as iinsight use a cloud-based system. This system is safe, effective, and beginner-friendly.

Along with having a strong encrypted database, you’ll also need to keep up with medical standards. This means using sterile equipment and practicing safe handling of patients. Lastly, you’ll need to keep up with COVID-19 safety rules.

To do this, you’ll need a regulated office space. Keep reading to learn about finding a good office space.

Finding Suitable Office Space

Once you have a business model and you’re aware of regulatory laws, you can start selecting a location for your practice. The location needs to be in the right area that is accessible to your demographic.

This means having bus stops close by or providing ample parking. Since some patients may not be bodily-abled, consider a location with ramps and accessible walkways.

The location should also be an area with decent foot traffic. Doing so will expand your patient’s inquisition.

Once you have a prime location, consider the office layout. This step is important as it must follow healthcare regulations. This means all equipment must be placed in appropriate locations that won’t create fire hazards.

You must also create ample space between equipment to ensure comfort for patients.

Lastly, the square footage of the practice must meet regulatory requirements. So before signing a lease, make certain these regulations are met.

Marketing and Networking Strategies

Marketing is very important as it will determine the number of patients in your office. To develop a successful marketing campaign, consider the following:

• Social media presence
• Email Marketing
• Community Outreach Programmes
• Mail-in marketing for locals
• First-time patient promotions
• Vouchers

All of these tools are an effective way to gain attention towards your practice. Not every method needs to be used to ensure a successful opening. However, it’s important to integrate multiple marketing techniques for a larger reach.

Appointment Booking and Scheduling

Once you have funding and a location, appointments will start rolling in. Although this may seem exciting, you may find yourself overwhelmed with scheduling and bookings.

Not having the appropriate help can result in poor case management skills. Luckily, with technologies like iinsight, it’s easier to streamline your bookings.

This results in a lower administrative workload which allows you to focus on caring for your patients. Consider hiring services such as iinsight to improve your practice.

Telehealth for Occupational Therapy Practice

Occupational therapy exercises do require a hands-on approach. However, this does not mean you won’t enjoy telehealth services.

Providing telehealth can expand your patient reach from local services to a wider range. Not only this, but it can offer current patients more flexibility when it comes to follow-up appointments. So, consider these services if you want more flexibility.

Case Reporting and Client Management

The bigger your patient’s reach is, the harder it will become to keep up with individual reports. Therefore, consider using iinsight, for your case reporting needs.

Doing so, will reduce wait times and create a cohesive day-to-day schedule. Client management also helps track progress while troubleshooting any issues. Therefore, you can save money on IT and HR services.

Client Care and Services

Having exceptional care for your patients is highly important. Therefore, your occupational therapy exercises must meet industry standards. Your services may change as your business grows. However, you must provide effective care at the core of your practice.

Consider doing post-graduate education so you can stay up to date with current industry standards. With your knowledge, you can tailor your recovery plans to the specific needs of your patients.

Client Engagement and Outreach Programmes

As a growing business, you should reach out to your community. This can be done by participating in local fundraising or working with your local government.

You can also do internal outreach within your practice. For example, you can create helpful pamphlets that educate patients on the importance of occupational therapy.

Or take part in fun games such as “patient of the week”. This shows your commitment to patient success and happiness.

Providing Compassionate Care

Last but not least, an integral part of opening an occupational therapy practice, is to give the very best care. This aspect is not something that can be bought or learned.

Therefore, make sure that starting a practice is a journey that you want. Otherwise, your reputation and patient loyalty may suffer. Do so by creating a healthy workflow and patient relations.

Start Your Practice Today

Opening an occupational therapy practice can feel overwhelming. However, we hope this article has given you valuable information. We want your business to succeed and we’re here to help in any way we can.

Let us show you how easy your business can be from the start by booking a demo. Our features give you and your patients accurate billing, reports, and scheduling to make operating your practice a breeze. Tour our site and see how we can help you focus on having companionate care for every patient.